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Hong Kong: Shares rebound as casinos gain, but shed over 2% on week

Fri, Nov 21, 2014 - 4:25 PM

PHOTO: BLOOMBERG

[SHANGHAI] Hong Kong shares snapped a four-day losing streak on Friday as profit-taking pressure eased, but ended lower on the week despite the highly-touted launch of a landmark link between the Hong Kong and Shanghai exchanges.

For the week, however, the indexes dropped 2.7 per cent and 2.9 per cent, respectively, with the Hang Seng posting its largest weekly percentage loss since early October.

Monday's launch of the "stock connect" had been expected to boost share values and volumes on both bourses, but many investors took advantage of the sharp run-up in prices ahead of the debut to take profits instead.